Piyush Goyal cites World Bank data on India's poverty fall

India demonstrates fastest, most expansive poverty reduction in modern history: Piyush Goyal

New Delhi, Oct 31

The report states several significant gains, including 49.6 crore people moving above the lower-middle-income poverty line of $4.20 a day between 2011 and 2023, with the poverty rate declining from 57.7 per cent to 16.1 per cent.

This has been accomplished due to targeted policy, structural reforms, and resolute governance under Prime Minister Narendra Modi, Goyal said.

"Between 2011 and 2023, an astounding 49.6 crore citizens rose above the lower-middle-income poverty line ($4.20/day, 2021 PPP), driving the poverty rate down from 57.7 per cent to 16.1 per cent. Measured at $3/day (2021 PPP), extreme poverty plummeted from 27.1 per cent to 2.6 per cent," the minister posted on X.

Total employment expanded by 13.4 crore between 2017 and 2023, nearly twice the growth of the working-age population.

"Rural women led this economic transformation by entering paid work in unprecedented numbers, multiplying household breadwinners and lifting family incomes. Welfare gains swept across both geographies, with rural India progressing faster to systematically bridge the historical divide," Goyal said in a post on X.

Foundational ease of living is now a reality, with electricity access reaching 99 per cent of the population.

The World Bank points out that these outcomes were powered by robust consumption, women-led employment, and comprehensive social transfers, from targeted food security to direct benefit delivery.

"Good governance is ultimately measured by public trust. This transformation is the bedrock of the people's sustained faith in the NDA and PM Modi's leadership. Our commitment to 140 crore Indians remains resolute as we continue expanding growth opportunities and building a self-reliant, Viksit Bharat," Goyal highlighted.

— IANS